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Confused - Mortgage v Equity
Comments
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workingboy wrote: »If I had a valuation survey of the property for myself.
Would the surveyor advise reasons why a lender would not grant 'equity release' on the build of the property and advise any improvements besides a valuation.
Only if it's a criterion which the surveyor thinks makes the property generally unmortgageable. Each lender will have their own criteria - "nothing next to a pub", "nothing more than 4 stories" etc. As above, speak to a broker for guidance on suitable lenders.0 -
workingboy wrote: »So as started out......
Confused the difference between Mortgage for Equity release v Property purchase
There are loads of lenders in the 'normal' mortgage for property purchase market that would not lend.
The difference is that there is a lot more choice in that market so if 9 decline, you've still got potentially another 60 lenders that might do it.
With equity release there are (according to https://www.equityreleasecouncil.com/find-a-member/providers/) only 12 lenders.0
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